A Carrier-Neutral Data Center: Pihana Pacific Inc.

Pihana Pacific Inc. is the first company to build, brand and manage carrier-neutral Internet data exchange centers in Asia Pacific. Besides the data center and facilities, the company offers various services to its clients, such as disaster recovery, data storage, Internet exchange and co-location. Pihana has seven data centers up and running in Honolulu, Singapore, Hong Kong, Tokyo, Seoul, Sydney, Los Angeles and San Francisco.

Pihana’s unique model of being carrier-neutral, sets it apart from other data center companies. By not being affiliated with any carrier, the Internet network provider or bandwidth reseller gives its customers more flexibility to choose from leading providers of global Internet backbone or private back bone access.

Recently, this sector has been extremely weak with the larger competitors very short on cash, and, in some cases, going bankrupt. A combination of the overall weak global economy and the crash of the dotcoms dramatically reduced expected growth in the sector. Pihana quickly altered its business plan when the weakness became evident, by reducing the number of data centers and preserving cash. This has resulted in seven data centers in major cities, enough cash in the bank to last through the sales effort to fill the centers and minimal capital expenditures going forward.

As far as an exit strategy for investors (Goldman Sachs Asia, Morgan Stanley, etc.), an initial public offering, IPO, is not in the near future, due to the generally weak IPO market. The more probable scenario would be a merger or acquisition that would provide liquidity to investors.

Ticker Symbol	Company	Exchange	Price 12/31/00	Price 1/31/01	Change in Period	Percent Change in Period	Earnings Last 12 mos.	Dividends	Yield	High 12 mos.	Low 12 mos.	P/E Ratio
ALEX	Alexander & Baldwin	OTC	26.70	25.58	-1.12	-4.19	2.96	0.90	3.52	29.61	-20.61	8.64
AMCV	Amer. Classic Voyage	OTC	0.46	0.46	0.00	0.00	-1.21	3.50	760.87	18.38	-0.45	-0.38
AQSE	Aquasearch	OTC	0.06	0.68	0.62	1033.33	NA	--	--	0.42	-0.45	--
BOH	Pacific Century Financial	NYSE	25.89	24.57	-1.32	-5.10	1.46	0.72	2.93	28.30	-18.50	16.83
BRN	Barnwell Industires	ASE	20.75	20.35	-0.40	-1.93	2.82	0.60	2.9	22.20	-17.85	7.22
CBBI	CB Bancshares	OTC	35.25	33.98	-1.27	-3.60	1.74	0.44	1.3	38.15	-28.18	19.53
CEAH	CEATECH USA	OTC	0.85	0.96	0.11	12.94	NA	--	--	1.25	-0.55	--
CPBI	CPB, Inc	OTC	29.41	32.35	2.94	10.00	3.50	0.72	2.23	37.47	-22.01	9.24
CYAN	Cyanotech	OTC	1.00	1.15	0.15	15.00	-0.16	--	--	1.75	-0.48	--
DOL	Dole Foods	NYSE	26.83	28.00	1.17	4.36	-0.66	0.40	1.43	28.56	-14.60	-42.42
HA	Hawaiian Airlines	ASE	4.00	4.00	0.00	0.00	-0.08	--	--	4.43	-1.70	-50.00
HE	Hawaiian Electric	NYSE	40.28	41.50	1.22	3.03	3.18	2.48	5.98	41.90	-33.91	13.05
MLP	Maui Land &Pine	ASE	24.01	24.00	-0.01	-0.04	0.09	0.13	0.54	27.53	-17.00	266.67
RZT	Resort Quest Intl. Inc.	NYSE	4.76	6.75	1.99	41.81	0.74	--	--	13.30	-2.50	9.12
NUT	Mauna Loa Mac	NYSE	3.15	3.41	0.26	8.25	-0.09	0.20	5.87	4.80	-2.95	-37.89
SHLR	Schuler Homes	OTC	19.85	22.42	2.57	12.95	1.36	--	--	22.70	-8.68	16.49
TSO	Tesoro Petroleum Corp	OTC	13.11	13.76	0.65	4.96	2.10	0.29	2.1	16.50	-9.70	6.55
This information is based on sources believed to be reliable, but is not guaranteed by this corporation. Any opinion expressed reflects judgment as of date of submission of materials, and may be subject to change. OTC stocks priced at the bid, listed stocks priced at the last trade.

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